Universal Music Group gets $64bn takeover offer from Bill Ackman's Pershing Square

Universal Music Group, the entertainment giant behind acts such as Taylor Swift, Sabrina Carpenter and Kendrick Lamar, has received a takeover offer estimated to be worth $64.3bn (£48bn). US investment company Pershing Square is offering to buy Universal in a merger that would see the new company listed in America, its billionaire chief executive Bill Ackman said. As well as representing a huge list of artists, the world's largest music company also runs Abbey Road studios and owns labels such as EMI and Island Records. Pershing Square, which already owns a stake in Universal, also has holdings in Google, Meta and Amazon, as well as Restaurant Brands International, which includes Burger King. Universal said it had received Pershing's proposal and would assess its implications for shareholders, employees, artists, songwriters and other stakeholders. The company's board also expressed full confidence in chief executive Sir Lucian Grainge, his management team and strategy. Ackman said its management had "done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance". He said Universal had reshaped the industry to put art